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The Canadian Securities Exchange, or CSE, is operated by CNSX Markets Inc. Recognized as a stock exchange in 2004, the CSE began operations in 2003 to provide a modern and efficient alternative for companies looking to access the Canadian public capital markets.

Our People

The Canadian Securities Exchange began operations in 2003 to provide a modern and efficient alternative for companies looking to access the Canadian public capital markets.

Board of Directors

Thomas S. Caldwell

Thomas S. Caldwell graduated from McGill University in 1965, and has been actively involved in the investment industry since that time.

Mr. Caldwell is Chairman of Caldwell Securities Ltd., an organization founded in 1980. Caldwell Securities Ltd. is a diversified investment company with affiliate organizations providing investment management, brokerage and insurance services to a broad spectrum of investors throughout North America and around the world.

In June 2014, Mr. Caldwell was inducted into the IIAC Investment Industry Hall of Fame. Mr. Caldwell is CEO and a director of Urbana Corporation, a publicly traded investment company. He also serves on the Board of the Conference of Defence Associations Institute in Ottawa. Mr. Caldwell was appointed Honorary Lieutenant-Colonel of The Lincoln and Welland Regiment in January 2014.

Mr. Caldwell is a past Governor of the Toronto Stock Exchange and one of the leading experts in capital markets, particularly in trading environments. He is recognized as one of the world’s foremost investors in securities exchanges. Caldwell Securities Ltd. and its affiliates were the second-largest owners of the New York Stock Exchange prior to the NYSE’s demutualization. Mr. Caldwell has, through his career, been actively involved in addressing social and community needs.

He was awarded Her Majesty’s Golden Jubilee Medal in 2002 for his activities on behalf of Canadian Veterans. In 2003 he was appointed a Member of the Order of Canada for his work in assisting those in need as well as contributing to institutions working to better the lives of others. In 2012, he received Her Majesty’s Diamond Jubilee Medal for his efforts on behalf of the disadvantaged. Mr. Caldwell and his wife Dorothy have been married since 1966 and have two sons, Brendan and Theo, and four grandchildren.

Jeffrey MacIntosh

Jeffrey MacIntosh received a B.Sc. from M.I.T. in 1975, a LL.B. from the University of Toronto in 1981, and a LL.M. from Harvard Law School in 1982. After teaching for one year at Osgoode Hall Law School in 1982-83, Professor MacIntosh moved to the University of Toronto, Faculty of Law, where he was promoted to Associate Professor in 1987, full Professor in 1995, and Toronto Stock Exchange Professor of Capital Markets in 1999. In 1999, Professor MacIntosh also became the Associate Director of the Capital Markets Institute at the University of Toronto, a joint venture between the Faculty of Law and the Rotman School of Management. In addition, Professor MacIntosh spent one year (1987-88) as John M. Olin Fellow in Law and Economics at Yale Law School.

Professor MacIntosh has written extensively on various topics related to corporate and securities law, including minority shareholder rights, the oppression remedy, fiduciary duties, takeover bids, corporate governance, and the choice of jurisdiction of incorporation. More recently, Professor MacIntosh's writings have focused on financing small, high technology companies, with a particular focus on venture capital. Professor MacIntosh was a member of the Ontario Securities Commission Task Force on Small Business Financing which delivered its final report in 1996.

Steve Blake

Steve Blake is currently the Chief Operating Officer for the Child Development Institute (CDI). He brings over 20 years of experience in senior business and financial executive roles spanning private companies, publicly traded companies and NGO’s. Mr. Blake has managed all aspects of finance, including treasury, financial and price modeling and tax compliance. His experience includes overseeing and managing technology and operational change management projects, as well as M&A initiatives. He has been successful in using the experience he gained in the private sector to assist and work in the not-for-profit sector.

Prior to joining CDI in 2014, Mr. Blake served as the Chief Financial Officer for The Canadian Depository for Securities (CDS), leaving shortly after its amalgamation with the TMX Group and Alpha Exchange in 2012. Prior to being appointed to CFO in 2005, he held senior roles in finance at CDS since joining in 2000.

Mr. Blake joined the public accounting firm of KPMG Peat Marwick on graduating university and progressed to Senior Manager, Assurance and Consulting Services. Mr. Blake also worked in the insolvency practice at KPMG and ended his career at KPMG providing consulting services in the KPMG, Centre for Government in 1998. He left KPMG to join the T. Eaton Company and was involved in Eaton’s going public in 1998.

Mr. Blake served on the Board of Directors of the Child Development Institute, as well as the Finance and Audit Committee from 2012 to 2014.

Mr. Blake is a CPA, CA and holds an Honours Bachelor of Commerce Degree from McMaster University.

Jim Dale

Jim Dale is the Chief Executive Officer of Leede Jones Gable Inc. Leede is an independent investment dealer providing client advisory, wealth management and equity capital markets services to clients throughout Canada. Leede has long history of raising early stage capital in the resource sectors and in emerging markets. Mr. Dale has been with Leede for 15 years, starting as Chief Financial Officer.

Prior to joining Leede, Jim worked in the energy industry for more than 10 years with Nexen Inc., an international oil & gas and chemical production company. He held several senior level management positions in finance, procurement and risk management. In 1999, Jim was seconded to the World Petroleum Congress where he served in an executive finance role. Jim also has executive and board experience with new ventures in the energy sector.

Jim currently serves on several investment industry committees and chairs the Small and Independent Dealer committee of the Investment Industry Association of Canada. Jim’s past community service includes board positions for the governing societies of two of Calgary’s leading sport and recreation facilities, including a term as Chairman at each society. Jim is a CPA, CA and earned a Bachelor of Commerce degree from the University of Manitoba in 1982.

Joel Strickland

Mr. Strickland is a business person currently advising First Nations on energy and infrastructure projects. He also has substantial operational experience in Africa, including as founder and President of Buchanan Renewables Fuel Inc., a company that operated in Liberia, West Africa. Prior to founding Buchanan, Mr. Strickland held senior executive roles with a number of companies through his affiliation with an asset management company. He was previously a fixed-income trader, holding progressively senior positions at investment banks in Toronto and New York. Mr. Strickland is a director of Transeastern Power Trust.

Mr. Strickland is a graduate of the Richard Ivey School of Business HBA program and has completed the Directors Education Program jointly developed by the Institute of Corporate Directors and the University of Toronto’s Rotman School of Management.

Mary Anne Palangio

Mary Anne Palangio is the Chief Financial Officer at LOGiQ Asset Management Inc. Recognized for bridging business knowledge with technology expertise, she brings more than 25 years of senior operations, finance and technology experience in the financial sector to her role.

Prior to joining LOGiQ in 2017, Mary Anne served as Chief Financial Officer at the Ontario Retirement Pension Plan Administration Corporation until it was decommissioned. Previously, Mary Anne was Senior Vice President, Global Head of Operations and Data Management, Investment Division at Manulife. She moved into that role after holding the positions of Senior Vice President, Chief Information Office, Group Functions and Vice President, General Fund Investment Systems.

Mary Anne’s volunteer experience includes currently sitting on the Finance and Audit Committee of Toronto Rehabilitation Institute Foundation; a former director of Easter Seals Ontario, she chaired the Audit Committee and served on the Finance, Human Resources and Board Affairs Committees from 2003 to 2011; held various positions on the National Board of Directors of the Crohn's and Colitis Foundation of Canada from 1995 to 2001, including National President for two years; and Treasurer of YWCA of Metropolitan Toronto from 1990 to 1993. Mary Anne is a CPA, CA and CFA and holds a BA from the University of Toronto.

George Elliott

A seasoned business leader with 35 years of experience in corporate financing, Mr. Elliott’s focus on new business development and relationship management lend a unique perspective to his Board activities. Formerly senior counsel at the law firm Gowling Lafleur Henderson, and senior partner at McCarthy Tetrault, based in Toronto, Mr. Elliott was also Executive Vice President of MCAP Financial, which manages over C$20 billion in mortgage investments for Canadian financial institutions, and Chair of the Executive Committee of the PLM Group, Canada’s fourth largest commercial printer, which was acquired by Transcontinental Printing for 250% of the then market value.

Mr. Elliott delivers shareholder value through the creation of innovative new revenue opportunities coupled with prudent long-term financial strategy. Mr. Elliott is a member of the Institute of Corporate Directors.

Management Team

Richard Carleton

Richard Carleton has been CEO of the Canadian Securities Exchange for seven years. Prior to this appointment, Richard served as Vice-President Corporate Development with responsibility for the CSE’s technology, operations, market data and trading sales teams. Before joining the exchange, Richard worked as a business development consultant in Toronto and New York in the risk management and index product fields after spending twelve years with the Toronto Stock Exchange, serving most recently as a member of the exchange’s senior management team. Active in industry affairs, Richard served two terms as chair of the market data industry’s global trade association in the late 1990's and is a frequent panelist at market structure and trading technology events across North America. Richard also serves as a member of the boards of the Private Capital Markets Association and the Empire Club of Canada.

A member of the Law Society of Upper Canada since 1987, Richard is a graduate of the University of Ottawa (B.A. ’81) and the University of Toronto (LL.B. ’85). He has also completed the executive development programme at the Wharton School, University of Pennsylvania.

Adam Conyers

Adam Conyers is Chief Financial Officer and Senior Vice-President of CNSX Markets Inc. His role includes managing and directing the accounting and financial reporting functions for the company as well as administration and human resources. Additionally, he works closely with the CEO on corporate strategy and business development. Adam’s involvement with the company dates back to 2002 when he was a consultant to the creation of the company. He was also a Director of the company from 2003 through to his resignation in late 2015 to take on his new role. During this period he has served as Board Chair, as a member of the Audit Committee and as Chair of the Human Resources Committee.

Adam was previously CFO at Voyport Group Holdings, LLC a company developing a low cost, high quality international voice roaming system for business travellers and Gedex Inc. a company developing technology for high resolution airborne resource exploration. Prior to that, Adam spent five years with the Toronto Stock Exchange in a variety of roles including CFO, SVP Market Services and President of the Toronto Futures Exchange. Adam started his career with Price Waterhouse where he obtained his Chartered Accountant’s qualification and also spent several years with Price Waterhouse Limited working on insolvency and restructuring files.

At Trinity College, University of Toronto, Adam earned a Bachelor of Commerce degree in 1980. He also attended the Advanced Management Program at the Wharton School of Business in 1999 and holds an ICD.D designation from the Institute of Corporate Directors. Adam is a Director and Treasurer of the Green Durham Association and serves on two Independent Review Committees.

Jamie Anderson

As General Counsel & Corporate Secretary, Mr. Anderson has responsibility for advising on all legal and corporate governance matters and advising on a broad range of strategic and regulatory issues. Mr. Anderson also leads a consultancy practice in the areas of compliance, governance, and business process re-engineering whose clients include major Canadian banks, life insurers, and investment managers. Prior to joining the CSE, Mr. Anderson held executive and senior level roles at several of Canada’s largest and systemically important financial institutions, including The Canadian Depository for Securities Limited where he was most recently Chief Legal Officer. Mr. Anderson has championed many strategically important transactions and initiatives including large M&A deals, complex litigation, and default resolutions. Mr. Anderson received his B. Comm. (Finance), B. Sc. (Economics), and LL.B. from Dalhousie University, MBA (Management) from Saint Mary’s University, and LL.M. (Banking & Financial Services) from York University (Osgoode Hall Law School). He is a member of the Law Society of Upper Canada. Mr. Anderson is a community-elected member of the Board of Management of Swansea Town Hall (an agency of the City of Toronto), a member of the Board of Directors of the Swansea Town Hall Association and Chair of its Governance Committee.

Robert Cook

Mr. Cook is primarily responsible for the development of a range of services to companies listed on the CSE and for the composition and maintenance of the CSE Composite Index. He has been a member of the executive management team of the exchange since 2002. He currently serves on the Ontario Securities Commission’s Small and Medium Enterprise Advisory Committee. Immediately prior to joining the CSE, he held the position of V-P Market Surveillance, Market Regulation Services Inc., which was created in 2001 by the Toronto Stock Exchange (TSE) and the Investment Dealers Association of Canada (IDA) to regulate Canadian markets.

Rob had a 19-year career at the TSE where he held a number of positions in listed company regulation including Director, Original Listings, followed by six years as Director, Market Surveillance. Before that he worked in the mining industry for three years as a mineral economist for a major mining company and an international consulting firm.

Rob holds an Honours BA in Economics from York University (1977) and an MBA from the Ivey School of Business, University of Western Ontario (1979).

Pina De Santis

Pina De Santis is Vice President, Corporate Development responsible for strategy, sales and business development activities for the trading and market data business lines at the CSE. Pina has extensive experience in the Canadian capital markets industry. Prior roles include Director, Business Development at the Toronto Stock Exchange and served for many years as a committee member of the Financial Information Industry Association based in the US. She began her career as an analyst and institutional equity trader at Walwyn Stodgel in Montreal. In addition to her extensive work experience, Pina is passionate about giving back to the community and is a board member of various non-profit organizations focused on Seniors and community healthcare. Pina holds a bachelor’s degree in Economics and is multi-lingual.

Mark Faulkner

Mark is responsible for rule development and the ongoing regulation of the CSE. As Vice President, Listings & Regulation of the CSE, Mark is also responsible for the review of Listing Applications and Listed Company compliance with the CSE Policies. Prior to joining the CSE in 2003, Mark had a 14 year career at the Toronto Stock Exchange and Market Regulation Services ("RS") in both trading services and regulatory positions.

As Manager of Investigations in Market Surveillance, responsibilities encompassed various regulatory matters, including Internet Surveillance, market investigations and insider trading reviews. Mark played the primary role in the development and implementation of automated market maker performance systems, introduced the use of link analysis in Market Surveillance Investigations, and developed the Closing Report for TSX participants.

Mark has studied market surveillance and investigative practices and procedures through the Ontario Securities Commission, the Criminal Intelligence Service of Ontario, and the U.S. Securities and Exchange Commission Training Institute. While at RS, he served as Chairman of the Surveillance Practices subgroup of the Intermarket Surveillance Group ("ISG"), an international group representing more than 30 exchanges around the world.

David Timpany

David Timpany is the VP, Technology and Operations for the Canadian Securities Exchange (“CSE”). Mr. Timpany is responsible for leading the design, development and implementation of organizational information systems, software applications, IT support and infrastructure systems. Prior to joining the CSE, David was a Project Manager at Basis 100/EFA software where he managed the software development and implementation for many stock exchanges throughout the world. At the Haskayne School of business, University of Calgary, David earned a Bachelor of Commerce degree with a concentration in Management Information Systems (MIS) in 1997.

James Black

James Black is the VP, Listings Development for the Canadian Securities Exchange (“CSE”). Based in Vancouver, BC Mr. Black manages the CSE’s domestic and international programs for attracting exciting new companies to the exchange as well as evangelizing the CSE as “the Exchange for Entrepreneurs”.

Prior to James’ tenure at the CSE, he was a manager at the National Angel Organization where his focus was on helping Angel groups launch, network with one another, and establish best practices for investing. He graduated from Ryerson University in Toronto with Honours majoring in Entrepreneurial studies.